Financing secured for coastal condos

CARLSBAD  A portion of the financing has been secured to build 35 luxury condominiums on property now occupied by a 51-unit apartment complex at 2303 Ocean St. in Carlsbad, officials announced this week.

The real estate investment firm George Smith Partners has arranged $13 million in equity for the property’s owner Zephyr Partners, states a news release from the firm.

Zephyr has obtained the necessary entitlements to demolish the apartment building and will now seek construction funding, the release states. The owner plans to begin construction later this year on what will be called Ocean Street Condominiums.

The condominiums will each be about 2,210 square feet with three bedrooms, the release states. The complex will have a pool and a fitness center, and will be within walking distance of the beach and the Buena Vista Lagoon.